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Provide the journal entries for the october transaction

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Question - On October 31st, ABC Corp received a prepayment of $20,000 cash for a contract with the following details:

Sale of 100 widgets

Sale of 100 1-year monthly subscriptions

The widgets have a retail price of $24 and the monthly subscription has a retail price of $10 per month.

Required - Provide the journal entries for the October 31st transaction.

Reference no: EM132537277

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